The Central Bank of Nigeria, on Tuesday, increased their interest rate from 13% to 14%.
Just two months after the apex bank raised interest rates, the bank released new guidelines that affect the interest rate. Neither of these changes would be surprising, as this is fairly common in our current unstable economy.
The governor of the apex bank, Godwin Emefiele, made this announcement after the committee’s meeting at the CBN headquarters in Abuja.
As inflation rises, the governor of the apex bank said the Government’s decision to increase interest rates would help control it.